Accounting & Auditing Update

The SEC has settled charges against Crowe and two of its partners for “significant audit failures” connected to a payroll services firm that went bankrupt.

Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.

ISACA has updated its COBIT framework and issued some accompanying guidance to help companies refresh their information and technology governance.

Amid growing tension over a pending new standard on recognizing credit losses, the Financial Accounting Standards Board says it will convene a roundtable in January.

Banking regulators issued some relief for banks worried about the effects of adopting CECL, but bankers are still concerned it won’t go far enough.

GE’s audit committee has initiated a tender process to consider replacing KPMG as its external auditor.

The PCAOB saw some improvement in the audit of management review controls during its 2018 inspections, but it’s still an area of focus into 2019.

Amid technology challenges and minor changes to the pending new lease accounting rules, FASB is standing firm on the Jan. 1 effective date.

New accounting standards and M&A activity are driving modest increases in audit fees for public companies, according to a new FERF survey.

A pending requirement for auditors to disclose critical audit matters in their reports may compel management to take a closer look at their own disclosures.

The SEC may be hands-off with respect to CECL, but the House Financial Services Committee is exploring the expected effect of the accounting change on the economy.

U.S. regulators are contemplating what next steps they can take to rattle some greater cooperation out of overseas regulators, especially in China.

A handful of holdouts are still disclosing they comply with SOX internal control reporting requirements by following a defunct COSO framework.

The PCAOB plans to take a much closer look at how firms manage audit quality in 2019, retooling the inspections process to focus on quality control systems.

The Institute of Internal Auditors is performing a new review of the “three lines of defense” model it has long embraced as a basis for sound risk management.

EY says it will name a new global chairman and CEO in January to replace Mark Weinberger, who plans to step down July 1, 2019.

The year-end push to adopt new lease accounting is taking more time and more money than companies expected, according to a new poll by EY.

A federal grand jury has delivered indictments against former Autonomy executives in connection with HP’s failed acquisition of the U.K. technology business.

The SEC is getting some pushback from Amazon over how it breaks up and reports revenue for its different streams under ASC 606.

More than 1,100 women who are current and former KPMG professionals are seeking class status for their various allegations of gender discrimination.

FASB has issued a proposal to amend rules on three major standards on financial instruments to address clarity and implementation issues.

A sizable chunk of Rite Aid’s shareholders has told the board it would like to dismiss Deloitte and hire a new audit firm.

Amid reports that KPMG is drawing a firmer line between audit and non-audit services in the United Kingdom, the firm has no similar plans in the United States.

FEI’s corporate reporting group has developed its own guides for preparers on how to assure sound controls with major new accounting adoptions.

More than 15 percent of public companies surveyed in late October had not yet begun implementing the new lease accounting standard that takes effect Jan. 1.